You should receive a Form 1099-INT from banks and financial institutions for interest earned over $10. Even if you did not receive a Form 1099-INT, or if you received under $10 interest for the year, you must still report any interest earned and credited to your account during the tax year.
To enter interest income in your TaxAct® return:
- From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then select Federal.
- Click Investment Income to expand the category, then click Interest Income (Form 1099-INT)
- Click +Add Form 1099-T to create a new copy of the form or click Review to review a form already created
- Click Quick Entry or Step-by-Step Guidance. If you select Quick Entry, be sure to scroll down to answer all applicable questions. If you select Step-by-Step Guidance, the program will proceed with the interview questions.
The payer's identification number and address are not needed.